Hydraulic Power Unit Market to Observe Strong Development by 2023
A
hydraulic power unit (HPU) is one of the main driving components of a
hydraulic system and is used to control, transmit, and distribute
energy from a pressurized liquid. Hydraulic power units are mostly
used in applications that need systematic and heavy lifting or
operations that require the repeated use of a powerful, directional
force. HPUs are made up of several vital elements, such as hydraulic
pumps, hydraulic motors, and accumulators. They also include
accessories such as tubes, valves, regulators, filters, and
instruments that help regulate the performance of hydraulic power
units.
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HPUs
are used in a number of mobile, industrial, and several medium-duty
or intermittent applications, including rolling mill machinery,
construction equipment, paper mill machinery, aerospace test
equipment, government and military, material handling, theatrical and
production equipment, automation, oil spill clean-up equipment,
agricultural equipment, mobile equipment, industrial processes, meat
processing machinery, machine tools, oilfields, and marine equipment.
The
global market for hydraulic power units has been examined in detail
by a team of expert analysts and researchers with the aim of guiding
clients in their quest for success and profitability in this growing
market. The various applications, end-users, and geographical markets
have been assessed in detail, giving readers a 360-degree assessment
of where the HPU market stands today and where it is headed in the
coming years.
Global
Hydraulic Power Unit Market: Key Trends and Competitive Landscape
The
growing demand for equipment and machinery, in which hydraulic power
units are used, is a key factor fueling the global HPU market. There
has been a significant rise in building and construction activities
across the globe owing to a positive global economic outlook and
increasing consumer disposable incomes. Higher per capita income has
resulted in the improved standards of living, thereby driving the
sales and construction of homes. Rapid industrialization in several
emerging economies has also contributed toward the expansion of the
hydraulic power unit market substantially. Increasing automation in
most industrial processes and mounting defense spending present
impressive opportunities for firms to capitalize on.
Recognizing
the immense potential of the HPU market, an increasing number of
companies have been showing interest in this industry. Brevini Fluid
Power S.p.A, Nachi-Fujikoshi Corporation, WEBER-HYDRAULIK GmbH,
Parker Hannifin Corporation, HYDAC International GmbH, and Bosch
Rexroth AG are some of the prominent players in the global hydraulic
power unit market.
Global
Hydraulic Power Unit Market: Regional Outlook
The
hydraulic power unit market has been segmented based on geography
into Europe, Asia Pacific, North America, and Rest of the World. The
RoW segment comprises regions such as Latin America, the Middle East,
and Africa. Europe and North America have been significantly
contributing toward the global HPU market growth. Although the market
in North America is likely to continue its excellent performance
throughout the forecast period, the market in Europe is anticipated
to witness sluggish growth owing to the matured state of the
construction industry in the region.
Keeping
up with its trend of impressive growth over the past few years, the
Asia Pacific hydraulic power unit market is likely to witness the
fastest growth by 2024 owing to rapid industrial growth, an increase
in construction activities, and higher industrial investments. The
rise in housing developments, the growing demand for higher
agricultural output, and several upcoming infrastructure projects are
predicted to continue driving the HPU market in Asia Pacific.
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In
the past, Latin America and Africa have been enjoying a decent share
in the global market due to the increasing applications of hydraulic
power units in material handling, oilfield operations, and
construction equipment. Over the course of the forecast period, the
market in these regions is anticipated to witness healthy growth
driven by the rising standards of living and a consequent demand for
better housing facilities, a surge in oil exploration activities, and
the increasing stress on agricultural outputs. The Middle East is
also projected to positively contribute toward the growth of the
hydraulic power unit market in the coming years owing to the rise in
construction activities, spurred by ongoing and upcoming
international events.
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